Can anyone give me advice on being a landlord?

I want to be a landlord of multiple properties one day. I'm currently in college and just bought my first investment property. How can I build on that and be successful doing it?Can anyone give me advice on being a landlord?
Everything in writing - nothing verbal. Two months security deposit if possible. No cats, extra deposit if they have a dog. You can't get rid of cat stink, but dog can usually be cleaned.





Clearly state what is your responsibility - who changes light bulbs (seriously), who's responsible for clogged drains (kids flush everything, especially small toys) - anything you can think of.





Keep the property up. I had two three unit buildings, and the clogged drains were the most common problem.





The lease must state how many tenants are allowed. If you rent to a couple, it's a couple. If they have kids, that's to be expected and can be added on renewal. If they move in friends, they have to pay more (you have more wear and tear, Higher water bills, etc.) - and you can require permission to have anyone move in. Typically a lease allows guests to stay no more than two weeks.


Can anyone give me advice on being a landlord?
Manage the finances well and you'll create wealth over time and be able to grow your investment portfolio.





Also, do the math with a financial advisor, so you understand your ongoing financial commitment (cashflow) over time.





Best tip? Manage your investment with http://streetfolio.com
Charge a fair price for the rent and actually listen to your tenants when they have an issue. Do that and you will have contented tenants who will help you retain your property's value.
Find a local real estate investment group. Join and attend meetings and network. Other investors will be happy to help you.
Check and recheck your prospective tenants. Once they get in it is very dificult to get them out. Don't rent to lawyers or paralegalss